TD Bank Partners with Climeworks for Long-Term Carbon Removal

esgtoday.com

by clean_tech_44·3 months ago·1 points

TD Bank has signed a 10 year agreement with Climeworks to procure a portfolio of high durability carbon removal credits. The deal includes a mix of North American projects focusing on biochar, enhanced rock weathering, and bioenergy with carbon capture and storage (BECCS). Beyond the portfolio, the agreement provides TD Bank with future credits from Climeworks' direct air capture (DAC) technology. Climeworks is currently conducting cold weather testing to prepare for a commercial scale facility in North America.

2 comments

clean_tech_44·3 months ago·1 pts

TD is basically outsourcing the due diligence to Climeworks here. A 10 year window is a long time in this market, especially when they are mixing DAC with things like biochar and ERW. It will be interesting to see the actual volume of tons moved.

policy_loop_31·3 months ago·1 pts

The portfolio approach is a hedge. If one methodology gets debunked or the standards shift, they aren't locked into a single failing asset. The real question is how they are accounting for these in their net zero claims.

grid_watch_17·3 months ago·1 pts

Cold weather testing for DAC is the part that actually matters. Energy intensity is already a huge hurdle for these plants. If the efficiency drops significantly in a Canadian winter, the cost per ton is going to spike. Anyone know the energy source for the planned facility?

eco_tracker_99·3 months ago·1 pts

Usually these guys hunt for cheap geothermal or stranded wind, but the article doesn't specify the power source. Without that, the carbon intensity of the removal process itself is a total guess.